Flooring supplier Havwoods has reported a decline in turnover but a growth in profit.

According to its latest filed accounts for the year ended 31 December 2024, total sales fell 6.2% to £37.5m from £40m in 2023.

UK sales were down to £32.8m from £34.6m, while overseas revenues decreased to £4.7m from £5.4m.

Pre-tax profit resulted at £5.1m, up from £4.5m recorded the previous year.

Stated within its report, the company said: “Our short lead time projects grew by 9.1% during the year, now accounting for 58% of turnover, up from 50% in 2023.

“Our medium and long-term projects have seen fewer project completions, with many projects experiencing delays due to the ongoing impact of the Grenfell disaster. Stricter planning requirements, including the need for additional staircases and the use of fire-rated materials, has led to many projects needing to go back to the planning stage, and thus extending project timelines.

“The volume of our enquiries is at its highest in the last four years. To capitalise on improved market conditions, we have expanded our business development team. We successfully recruited a 12 member team in Q3 2024, with customer visits commencing in October 2024.

“As a result of the growth from the short lead time projects, and the Q4 2023 launch of our wood surface products, we have improved our gross margins by four percentage points.”